ISLAMABAD: Bitcoin and Altcoins have further crashed in the international markets on Thursday morning, losing more value and shocking all the stakeholders globally.
Bitcoin has dropped to $21,775 on Thursday (June 16) while its market capitalisation has fallen to $415.531 billion, from over one trillion dollars in November 2021. In Nov 2021, Bitcoin set the record by hitting $68,000 price-tag and since then the digital currency has been losing its value consistently due to a variety of reasons.
Also, Ethereum too has plunged to below $1200, the lowest level since 2018. On Thursday morning, Ethereum was fluctuating around $1170 against its record high price of $4,600 in November last year.
Unending Ukranian war, west’s economic sanctions on Russia, rising inflation and hike in the discount rates globally have caused a serious blow to the cryptocurrency investors and traders.
Millions of crypto-lovers have sidelined from the market after facing losses and waiting for the return of good days. Miners too have adopted wait-and-see policy as the cost of mining has increased because of a drastic decline in the value of Bitcoin and Altcoins.
